SAN DIEGO--(BUSINESS WIRE)--Coseo Properties, Inc. (CPI), a privately held San Diego-based real estate investment company, today announced the acquisition of the 468-unit University Green Apartment portfolio from Erie Investments, LLC for a purchase price of $13.8 million, or $29,676 per unit, or approximately one-third of replacement cost. The University Green Apartment portfolio includes three separate contiguous communities covering 25.56 acres and is 97% occupied.
The University Green Apartment portfolio located at 799 Green Road, Ypsilanti, Michigan, is the tenth multifamily complex to close escrow in the past 20 months with CPI expanding its portfolio to 14 properties with a collective 2,000 units. Built in 1968 – 1974, and was renovated in 2011. CPI plans to modernize the units, maintain occupancy to market levels, and anticipates generating significant returns for investors.
The well positioned apartments serve the vibrant collegiate community of Eastern Michigan University. Top rated shopping, dining, and entertainment amenities are within walking distance. The revitalization in the economy results in increased demand for housing from area employers – the University of Michigan, the University of Michigan Health Center, Toyota, and Ford. “CPI’s competitive advantage is its expertise and deep roots in the Michigan market and judicious experience in identifying attractive economic and demographic fundamentals in dynamic secondary markets,” says Calvin Coseo, Vice President, Investor Relations.
Coseo Properties, Inc. is a real estate investment company based in San Diego, California. Since 1983 CPI has acquired commercial, retail, industrial, and residential developments as well as investment in land and foreclosed properties. In the last three years, Coseo Properties acquired, rehabilitated, leased, and successfully sold nearly 3,000 single-family homes around the country. In Michigan, alone, CPI acquired some 700 homes and has since converted 150 homes to rental properties. CPI is definitely an opportunist investor. Today, in its constant effort to operate ahead of the mainstream, CPI is focusing exclusively on investments in Detroit Metro. Please visit www.coseoproperties.com.